BlockFi, the crypto lender bailed out by FTX in June, filed for Chapter 11 bankruptcy following the collapse of FTX. The lender stopped withdrawals and loans on November 11. The company says it currently has $257 million in cash on hand.

The May cryptocurrency crash following the Luna/Terra crash hit BlockFi badly. It avoided bankruptcy after FTX agreed to provide a $250 million revolving credit facility in early June. The facility came with an option to buy most of BlockFi’s equity at a knockdown price.

As of June 30, the company had $3.9 billion in digital assets, $1.3 billion of which was loan collateral and the balance in deposits. At one point, the lender had $15 billion in assets, which had dwindled to just over $10 billion by February of this year.

After the FTX collapse, BlockFi responded to rumors that it had the majority of its assets on the FTX exchange. He denied the rumors, although some assets were kept on the exchange. The bigger issue is that he lent money to Alameda, supposedly collateralized by FTX’s FTT token, which is no longer useful as collateral. In addition, BlockFi has unwithdrawn amounts owed to it from the FTX.US Line of Credit.

In February, BlockFi reached a $100 million settlement with the SEC, agreeing to offer its BlockFi Yield as a regulated security in the United States. It was the first cryptocurrency lender to enter into such an agreement.